India’s manufacturing growth hits a new low in August

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With the GST collection not reaching the 1 lakh crore mark and the economy showing a slowdown another survey shows India’s manufacturing sector hits its slowest in 15 months in August as demand and output grew at their weakest pace.

The Nikkei Manufacturing Purchasing Managers’ Index in collaboration with IHS Markit, showed a decline to 51.4 in August from July’s 52.5, the weakest ever since May 2018.

ALSO READ: GST collections slip below 1 lakh crore mark in August

However, the Input costs rose at their quickest pace in nine months while the rate of increase in output prices was slower than in July, suggesting that the firms’ profit margins were squeezed.

Also, while the inflation is anticipated to remain below RBI’s medium-term target of 4%, the central bank might ease further in the next month to boost the economy.

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